Indonesia has outperformed most countries in the World throughout the crisis on the back of domestic demand. In order to maintain that growth level, and not be faced with increasing inflation, the country will need to seek structural improvements.

Macedonia’s economic and political situation looks challenging, as the country’s economy contracted last year and the passage of this year’s budget resulted in a major political crisis. Meanwhile, EU membership remains a distant prospect.

Economic growth in Israel is expected to slow in 2013 but pick up in 2014 as gas output increases. The new government has an opportunity to push through reforms. Tensions with Syria and Iran will continue in the forecast period.

While rising house prices and low interest rates have boosted growth, they have also led to increasing housing market risks amid high household indebtedness. That said, the strong fiscal position mitigates the risks to financial stability.

Growth is hampered by weak external demand and private sector deleveraging. Although the banking sector has come a long way in addressing its weaknesses, challenges remain. Danish public finances are healthy.

While weak external demand hampers growth, the country has ample space to stimulate domestic demand through expansionary policy. The strong fiscal position also mitigates the downside risks stemming from the private sector.

Economic growth slowed down in 2012 and the outlook remains weak for 2013. The fiscal position is relatively strong, but the government has large contingent liabilities due to rising non-performing loans of Austrian banks in the CEE-countries.

The economy performs well thanks to its strong trade links with China, but with growth being narrowly driven by the mining business. The currency is very strong, which erodes price competitiveness of non-commodity exports.

Economic growth slowed down in 2012. Going forward, activity is expected to pick up only slowly in 2013. Long-run growth prospects remain weak, caused by the aging population and subdued labour productivity growth in the services sector.

Economic growth slowed down in 2012. Going forward, activity is expected to pick up only slowly in 2013. Long-run growth prospects remain weak, caused by the aging population and subdued labour productivity growth in the services sector.

UK’s economy has been stagnating since 2010. What the authorities fail to realise is that growth shortfalls are equally credit-negative. The poor economic performance and the resulting downside risks to banks’ asset quality also remain a concern.

The economic recovery is expected to continue this and next year. The brinkmanship in Washington has not resulted in a fiscal crisis yet. Should the debt ceiling not be raised in the Summer, the US government may eventually be forced to default.

Singapore’s recovery is expected to gather some steam but we cannot expect growth to be very high in a weak external environment. The outlook is clouded by significant downside risks from the external sector.